WEBVTT MARGARET: IT'S TIME FOR OUR ASKTHE LAWYER SEGMENT, AND TODAY,WE ARE TALKING ABOUT BAD CREDIT.I AM HERE WITH CARL PARRISH.SO WE CAN GET THE WORD OUT.IF YOU HAVE A BAD DEBT AND THECOLLECTION AGENCIES HAVE STOPPEDCALLING YOU, THAT MEANSSOMETHING?CARL: IT DOES.SINCE WE USE THE TELEPHONE SOMUCH TO CALL YOU AND CALL YOU,THEY WILL SEND LETTERS, ETC. BUT WHEN THE PHONE STOPS, THATIS WHEN THE COMPANY WILL HAVE ALAW FIRM SEND THE AMOUNT OFDEBT, WHAT THE ISSUES ARE, FILEA COMPLAINT.AND THE COMPLAINT SAYS BASICALLYTHAT INDIVIDUAL OWES THISCOMPANY X AMOUNT OF DOLLARS.ONCE IT IS DONE, THEY CAN LISTEVERYTHING ABOUT THEIR LAND,ASSET, CARS, HOUSE, AND THEN THEINDIVIDUAL HAS THEIR DESIGNATEDAMOUNT OF TIME TO FILE ARESPONSE.MARGARET: HOW LONG CAN ACREDITOR HOLD A DEBT OVER ADEBTOR?CARL: ONCE THE COMPLAINT IS DONEAND THEN THEY NOTICE YOU WILL BEIN COURT TO SEE IF THE COURTAGREES ABOUT THE AMOUNT -- IFTHEY DO NOT SHOW UP, THEN THEYWIN THE LAWSUIT.ONCE THAT IS ENTERED, IT CANLAST UP TO 20 YEARS.MARGARET: ALL RIGHT, SO IS THEREANY WAY TO PROTECT YOURPROPERTY?CARL: IT IS VERY DIFFICULT.EVERYTHING THE DEBTOR HAS, THECOMPANY, WITH A LAWSUIT, HAS THERIGHT TO GO FOR AS MUCH AS THEYCAN.THEY CAN USE WITH THE CALLEXEMPTIONS.THEY CAN TAKE AS MUCH OF $35,000OF VALUE OUT OF A $60,000 HOUSE.THEY MAY EVEN SELL YOUR HOUSE TOGET THE MONEY.SAME WITH TOOLS, CARS.ANYTHING THEY HAVE THE RIGHT TOTAKE WHATEVER ASSETS THERE ARE